United Community Banks, Inc. (NASDAQ:UCBI) Q3 2023 Results Conference Call October 18, 2023 11:00 AM ET
Company Participants
Lynn Harton - Chairman and Chief Executive Officer
Jefferson Harralson - Chief Financial Officer
Rich Bradshaw - President and Chief Banking Officer
Rob Edwards - Chief Risk Officer
Conference Call Participants
Michael Rose - Raymond James
Catherine Mealor - KBW
Stephen Scouten - Piper Sandler
Christopher Marinac - Janney
Brandon King - Truist
David Bishop - Hovde Group
Operator
Good morning, and welcome to United Community Bank's Third Quarter 2023 Earnings Call. Hosting our call today are our Chairman and Chief Executive Officer, Lynn Harton; Chief Financial Officer, Jefferson Harralson, President and Chief Banking Officer, Rich Bradshaw; and Chief Risk Officer, Rob Edwards.
United's presentation today includes references to operating earnings, pretax, pre-credit earnings and other non-GAAP financial information. For these non-GAAP financial measures, United has provided a reconciliation to the corresponding GAAP financial measure in the Financial Highlights section of the earnings release as well as at the end of the investor presentation. Both are included on the website at ucbi.com.
Copies of the third quarter's earnings release and investor presentation were filed this morning on Form 8-K with the SEC and a replay of this call will be available in the Investor Relations section of the Company's website at ucbi.com. Please be aware that during this call, forward-looking statements may be made by representatives of United. Any forward-looking statements should be considered in light of risks and uncertainties described on Pages 5 and 6 of the Company's 2022 Form 10-K as well as other information provided by the Company in its filings with the SEC and included on its website.
At this time, I'll turn the call over to Lynn Harton.
Lynn Harton
Good morning and thank you for joining our call today. As you would expect, we continue to see influences of a higher rate environment this quarter. On the positive side, we had strong deposit growth and excellent liquidity. Customer deposits grew $314 million or 5% annualized this quarter, excluding the first Miami acquisition and the two branches we sold in Tennessee.
We do continue to see movement into higher-yielding deposit products with DDA as a percentage of total falling slightly to 30%, down from 31% last quarter. Our liquidity position continues to be very strong.
During the quarter, we were able to fund organic loan growth of 5.4% annualized, while paying down over $400 million in broker deposits and still reaching over $750 million in cash equivalents at quarter end, all with essentially no short-term borrowings.